The price of solar power has come down once more, eclipsing last month’s record drop.Solar power

Renewable energy developers working in the United Arab Emirates shrugged off financial turmoil in the industry to promise projects costs that undercut even coal-fired generators.

Developers bid as little as 2.99 cents a kilowatt-hour to develop 800 MW of solar-power projects for the Dubai Electricity & Water Authority.

It amounts to a price 15 per cent lower than the previous record set in Mexico last month, according to Bloomberg New Energy Finance.

The lowest priced solar power has plunged almost 50 per cent in the past year.

Records had been set in Peru and Mexico before Dubai reclaimed its mantel as purveyor of the world’s cheapest solar power.